Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 25,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Trading Down 6.2 %

NASDAQ RNA traded down $2.04 during trading on Wednesday, reaching $30.70. The company’s stock had a trading volume of 1,861,433 shares, compared to its average volume of 1,307,631. The firm has a 50 day moving average price of $43.24 and a 200 day moving average price of $42.27. Avidity Biosciences, Inc. has a 12 month low of $8.37 and a 12 month high of $56.00. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.66 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RNA shares. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI decreased their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $63.60.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of RNA. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. Avoro Capital Advisors LLC boosted its stake in shares of Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after purchasing an additional 680,000 shares in the last quarter. RA Capital Management L.P. grew its holdings in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.